Tata Power is concerned about the UMPP becoming an NPA and has therefore written to the Prime Minister’s Office and Power Ministry offering to sell the said stake to Gujarat government for a token amount of Re 1, ET Now reported.
However, the power generating company’s offer is contingent to the government helping to cover production costs at the Mundra UMPP. Tata Power has also assured to stay on as a 49% stakeholder in the project after the stake sale. The UMPP has been in losses for over years due to higher Indonesian coal prices during the initial years of operation and the delay in grant of a compensatory tariff. Read More…
Credit By : The Financial Express
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